U.S. Department of the Treasury: Community Development Financial Institutions Fund – Bank Enterprise Award Program
The Bank Enterprise Award Program (BEA Program) supports Federal Deposit Insurance Corporation (FDIC)-insured financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to expand investments in Community Development Financial Institutions (CDFIs) and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages CDFI Fund dollars and puts more capital to work in distressed communities throughout the nation. Distressed communities are defined as those where at least 30 percent of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.
The BEA Program provides formula-based grants to applicants for increasing qualified activities from a baseline period to a later assessment period. There are three categories of qualified activities:
- CDFI related activities: Equity investments, grants, equity-like loans, loans, deposits, and/or technical assistance provided to certified CDFIs.
- Distressed community financing activities: Direct lending or investment in the form of affordable home mortgages, affordable housing development loans or investments, home improvement loans, education loans, small business loans or investments, small dollar consumer loans, or commercial real estate development loans, or investments to residents or businesses located in distressed communities.
- Service activities: Financial products and services, such as checking accounts, savings accounts, check cashing, financial counseling, or individual development accounts to residents of distressed communities.
Amount: A total of up to $25,000,000 is available to award grants of up to $1,000,000 per applicant.
Eligibility: FDIC-Insured Depository Institutions.
Note: The deadline on August 23, 2018 is the deadline to submit the mandatory SF-424 (Application for Federal Assistance). The program application is due on September 20, 2018.
This post was filed under: